OpenSea says 80% of NFTs made with its free tool are fake

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Image for article titled Almost all NFTs created by the free OpenSea forging tool are fake, plagiarized or spam

Photography: Rafael Henrique / SOPA Images / LightRocket (Getty Images)

The free immutable token forging tool from OpenSea, one of the largest online NFT markets, has been heavily misused to commit fraud and spam, the company said Thursday.

Discovery, spotted Vice News, is designed to justify a recent policy change with OpenSea, which just hours earlier announced so that users can now just “forge” or create up to five collections with 50 NFTs per collection using its free feature.

Although the tool for “lazy forging” was originally created in 2020 facilitate for artists of modest means to enter the NFT space without charging in advance gas – variable price miners charge for writing new data on a blockchainsaid OpenSea that he recently saw the abuse of the feature “increase exponentially”. In fact, more than 80% of the NFTs created by his tool were plagiarized works, fake collections, and spam.

In response, the company announced that it limits the amount of NFTs users can make. He fulfilled the decision the reaction of his community, with users complaining that they are unable to complete their collections or upload new work, which led to OpenSea lifting the restriction and apologizing to its users on the same day.

“Every decision we make is made with our creators in mind. We originally signed our joint window contract to make it easier for the creators to enter the space, ”he told OpenSea at Twitter. It continued: “We did not make this decision lightly. We made a change to respond to the feedback we received from our entire community. However, we should have reviewed this with you before launching it. ”

The discovery of OpenSea highlights a growing problem that artists and photographers face because of NFT. Scammers and bots have targeted countless of these creators, stealing their artwork and uploading to markets such as OpenSea to create collections and make a profit. According to PetaPixel, some creators have complained that OpenSea is slow to process removal requests and offers poor support to victims of theft and fraud.

On Thursday, the company said it is working on several solutions to support its creators and prevent bad actors from abusing his free tool. Gizmodo contacted OpenSe on Friday to ask for more details about these solutions, but did not receive a response by the time of release.

“We are committed to reviewing these changes with you before introducing them,” OpenSea said on Twitter on Thursday.. “Please give us feedback along the way.”



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